40-100 pips aday trading system

This is a discussion on 40-100 pips aday trading system within the First Steps forums, part of the Reception category; had some spare time: I see what TheBramble was saying with regards to Stochs over/under 80/20 hooks can be messy. ...

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Old Aug 12, 2007, 10:30am   #21
 
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had some spare time:
I see what TheBramble was saying with regards to Stochs over/under 80/20 hooks can be messy. however, a couple of times, it picks the top/bottom.
worth further evaluation?

EDIT: the times are between 9:00 and 20:00 because my data-provider times are 2 hours ahead. they equate to 7:00am to 18:00.

EDIT2: even though I would have taken the 80/20 hooks myself.
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Last edited by trendie; Aug 12, 2007 at 10:35am.
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Old Aug 12, 2007, 2:25pm   #22
 
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I am not sure you understand how it works. If I am correct, you're highlighting the wrong points to open a position.

eg for http://www.trade2win.com/boards/atta...5&d=1186907296

I would have opened a position at 1430 as it indicates a climb based on the OP's instructions.
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Old Aug 12, 2007, 5:04pm   #23
 
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Quote:
Originally Posted by shadowninja View Post
I am not sure you understand how it works. If I am correct, you're highlighting the wrong points to open a position.

eg for http://www.trade2win.com/boards/atta...5&d=1186907296

I would have opened a position at 1430 as it indicates a climb based on the OP's instructions.
If you are going to short , you try to enter on the green up bar to maximise your profit

If you are going long, you buy on the first pul back, (red bar )
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Old Aug 12, 2007, 5:56pm   #24
 
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Quote:
Originally Posted by shadowninja View Post
I am not sure you understand how it works. If I am correct, you're highlighting the wrong points to open a position.

eg for http://www.trade2win.com/boards/atta...5&d=1186907296

I would have opened a position at 1430 as it indicates a climb based on the OP's instructions.
Quote:
Originally Posted by hornblower View Post
If you are going to short , you try to enter on the green up bar to maximise your profit

If you are going long, you buy on the first pul back, (red bar )
sorry if I have created any confusion.
shadowninja: I was just showing the IB bars, and the position of the stochs.
I wasnt suggesting the highlighted bars were signals, as the deal is you wait for bar to break by 2 pips.
what you seem to be saying is the IB is a "ready", the "stochs" a "steady", and when the price exceeds the IB by 2 pips its a "go"??

hornblower: I like that idea, but you dont know whether the green/red bar is the only bar that is going to form; it could be start of a sequence of several green/red bars.
but, in principle, I agree the pullback is a good method.

hope you all have a good week. hope its as rampant as it was last week. and as sunny.
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Old Aug 12, 2007, 7:27pm   #25
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Cool Re: 40-100 pips aday trading system

Quote:
Originally Posted by options View Post
1st thing I have noticed is that running the same chart with 2 different sb's highlights the first problem.

It is; to enter within a pip or two of an IB and a signal from the stoch.
The sb's I used were cmc and IG and where one chart would form a IB, the other chart would not. So dependent on who you used, you would either be in the trade or not. This is short time frame stuff I must add. Sub 10 mins. Seeing as 15 mins is the proposed time frame it may work differently.
This does expose a BIG problem.

Even if you use oandas charts, what difference does that make, seen as there is no central price?

Why is the inside bar so significant?

I suspect the "inside" bar is NOT very significant, and is more of a gimmick.

There is still a lot of confusion as to how this system wortks james. Why not post some quality clear screenshot examples of winning and losing trades, with entry, exit and stop-loss placements clearly marked?

Is the reason you do not post the screenshots bwecause you want detail & understanding to be as vague as possible, so that more people subscribe the $59 to your skype chatroom?

Its all still far too sketchy, though perhaps you like it this way so that people join you on skype.
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Old Aug 12, 2007, 7:51pm   #26
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Question Low on specific details = into the "sketchy box" = FAR from a simple system

Quote:
Originally Posted by jim123 View Post
Hi there jim here

I would like to share the most simple and rewarding system with you it requries no indcators only stocastics.

Nothing else to genarate the above pips every day please try it out if you like it i trade live this system every day 7.00 - 5.00 mon to friday were you can trade live with me but first try it out on demo.


IB SYSTEM


This system is very simple and requires only one indicator Please don’t add any other indicator's it will potentially affect the performance of this system. But numerous other factors need to be considered on a discretionary basis = sketchy!

This system requires patience and time to learn it.


The system works in anytime frame and with any pair

The Indicator you need is Slow Stochastic setting 6.3.3 some platforms will only allow 6.3 that’s ok.

Next the key element of the system contained in all trades is the INSIDE BAR or inside day as some like to call it.

An inside bar or IB is simply when the current bar is less than or equal to the bar to the left of it. The inside bar can also be the same size as the previous bar.



THE INSIDE BAR is a standard technical analysis pattern; however most people over look it. You can also use an outside bar or OB which is the opposite. Why don't you explain/mention the use of an OB again in these rules? = again, sketchy!


The INSIDE BAR is a Powerful Set up!


HOW TO TRADE THE IB

First look for an IB to form then check if it’s a valid IB with the stochastic indicator set up.




STOCASTIC INDICATOR SET UP

when stochastic are below or around the 20 and oversold and starting to hook round look for an IB to go long, When stochastic are up to 80 and above and starting to hook round in overbought look for an IB to go short you will find them the best in trending markets also range bound markets but if the price action is choppy stay out.

The Stochastic don't have to be exactly 80-20 but it is stronger signal if they are. Sometimes as an example they may at 35 as long as they start to turn and hook up and an IB forms it’s a possible valid trade.




To enter a trade wait for the next bar after the IB to go up 2 pips higher than the IB for a buy signal or 2 pips lower for a sell signal.
Also the shadow of the IB must be inside the prior bar as well in the overall size otherwise it’s not a valid signal.




If after the IB formed you get another bar the same size as the IB and it doesn’t go 1-2 pips either way then you may look at up to 3 -4 more bars after the IB bar to confirm a signal and enter a trade. If you don’t get a signal stand a side and wait for a new IB to form.



STOPS & EXITS

For stops and exits you can trail a stop at the bottom of the prior bar to the IB by 2 pips if you’re more Aggressive 2 bars below the prior bar to the IB.

Exit when stochastic cross in the opposite direction but becarefull when going long as when stochastic hits 80 it can hang around a while first before carrying on up or just staying flat in a strong up trend so wait for a hook down and heading under the 80 level or a reversal candle to exit.

Again, a very sketchy description of exits .

Also to exit look for the big numbers if you were trading GBP/USD for example look for the market to turn around at 1, 9000 / 1, 9020 /1, 9050 / 1, 9080

Try not to enter trades around the big numbers wait for price to go through and retrace to the support or resistance then look for an IB to form and take the trade.
Does the stochasitc still need to be around 20 or 80? If you have waited for price to move up or down through the "big numbers", the stochastic value is also likely to have moved on up or down .

I look at a 1 hour chart first and see what the over all trend for the day is going to be then trade off a 15 min chart for the day.
In what way specifically do you use the 60m chart to decide upon 15m entries? again = sketchy!

One of the benefits of this System is it can get you into trades early before the crowd.
How & Why does it get you in earlier than if trading a stochastic hook above 20/below 80, without any use of an IB?



Thanks

Jim
Jim

Please see my blue inserted comments/questions.

Also -

from the above, and inparticular the sections i've highlighted, we can see that this "system" is far from being "the most simple.......system", by anyones definition of the word simple.
IMO a simple system, or a system that obeys KISS, Keep It Simple Stupid, is one where you know exactly what you need to do at any given point.

Your system includes such scope for discretionary decision making -
1. use the 15m but with reference to the 60m.
2. Don't enter in price action is choppy.
3. Enter/exit avoiding/b4/after the big 00/50 etc. numbers.
4. Exit on cross above the oposite 20/80 stochastic level, but when exactly?

I'm not being funny with you just for the sake of it Jim, but you have posted something with big claims that has created interest and is thus occupying people time & attention.

If you are going to occupy people time & attention in this way, IMO, the topic has to have credible substance, otherwise you're wasting peoples valuable time.
So far, from what you have posted here or in the BBP's thread, i see little credibility or substance, backed up with solid examples .
Sorry if that sounds harsh , but this is my true opinion, & so far, i've gained little from following this/these thread/s. This thread has really sketched me out. Therefore this "simple system" has to remain in my sketchy box, for now.

Thanks a lot.

Last edited by JTrader; Aug 13, 2007 at 1:27pm.
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Old Aug 12, 2007, 11:56pm   #27
 
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Hi Jim,

Nice idea combining a specific candle/bar formation with stochs.

Are you able to code a backtest across a small range of timeframes and instruments so that we could see what happened in the past?

Thank you

Fibonelli
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Old Aug 13, 2007, 1:40pm   #28
Joined Dec 2002
Wink sketchyness leads to skepticism

Jim, the silence is deafening.

I am skeptical about your reason for posting your (sketchy) free system. The skeptic in me says that your OP was possibly intended -

A) To draw attention to the BBP website.
B) To suck payers into your skype chatroom in search of a clearer explanation, by creating confusion due to the sketchyness of the explanation offered for free.

Go on Jim, make my day, prove me wrong, and post some solid clear-cut screenshots of winning and losing trades, with inserted text explantions of them.
Otherwise do us all a favour, stop wasting our time, and stop posing as little helpful red riding hood, if you're really the big bad wolf!

Again, my apologies if i have misinterpretted things, this is just my theory based on the available evidence. As i can't see how the $59 skype fees will make you rich any time soon, unless you pull 100 in at a time that is.

While-ever things are this skechy, i'll remain a skeptic.


PS. I've actually lost interest in this system idea, as it is plain to see (to me) that it isn't so strong.

Last edited by JTrader; Aug 13, 2007 at 1:52pm.
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Old Aug 13, 2007, 6:57pm   #29
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jim123 started this thread
Quote:
Originally Posted by JTrader View Post
Jim, the silence is deafening.

I am skeptical about your reason for posting your (sketchy) free system. The skeptic in me says that your OP was possibly intended -

A) To draw attention to the BBP website.
B) To suck payers into your skype chatroom in search of a clearer explanation, by creating confusion due to the sketchyness of the explanation offered for free.

Go on Jim, make my day, prove me wrong, and post some solid clear-cut screenshots of winning and losing trades, with inserted text explantions of them.
Otherwise do us all a favour, stop wasting our time, and stop posing as little helpful red riding hood, if you're really the big bad wolf!

Again, my apologies if i have misinterpretted things, this is just my theory based on the available evidence. As i can't see how the $59 skype fees will make you rich any time soon, unless you pull 100 in at a time that is.

While-ever things are this skechy, i'll remain a skeptic.


PS. I've actually lost interest in this system idea, as it is plain to see (to me) that it isn't so strong.

If you would have taken the time to go to baby pips an ask any one of the people using the Free system on thet hread you will see lots of people making money . and yes my darwing and scetches are not good iam good at trading not computers and yes a charge a very small fee one off for giving my time 10 hrs aday 5 days a week helping others to trade better and yes your right you are a very skepical person but at least take the time to find out before you condem.and you are right it wont make me rich thats why i charge what i do i dont do it for the money i trade to make money if you dont understand the system fine go to babypips read it 10 times take a demo practice you dont have to trade live people are weclome to trade free for then selfs.

Some people are never happy


best regards
JIM

PS IF YOU HAVE LOST INTREST STOP MOANING GET ON WITH YOUR OWN SYSTEM

Last edited by jim123; Aug 13, 2007 at 7:06pm.
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Old Aug 13, 2007, 7:13pm   #30
Joined Jul 2003
Jim, regardless of any issues you may have with JTrader’s manner, you haven’t bothered to respond to any of the queries I and any other trader here has asked which doesn’t bode well for your credentials.

Forgetting my queries, as I suspect most of us already have the answer anyway based on your lack of direct response, the screenshot you posted is bogus – it does not illustrate your stated system’s principles in either entry or exit.

The entry point you indicate is lower than the previous bar. OK so far, 1-2 pips lower [btw which is it – 1 or 2?], but the previous bar was not a Inside Bar and the stochs had only just about begun to flatten at that point – no hook had formed. Your stated exit is “…when stochastic cross in the opposite direction…”. A little ambiguous – do you mean when they cross each other or when they cross the opposite 80/20 line to that which the signal was given? In either interpretation, your exit would have been much sooner (at either 2.0265 at 08:30 or 2.0260 at 10:00) rather than the absolute bottom you indicate on your chart.

To the casual observer you seem to have picked the top and the bottom of a decent move, when in essence your system picked neither. I say this not to discredit you, but to urge others, particularly newer and/or more gullible traders to undertake a more careful analysis of the system you are proposing and what you have illustrated – and to wonder at the gap between them.

If others are making money using your system, you must have cleaned up the entry and exit criteria considerably to those you have presented here.
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